Independent Advisor Alliance Purchases New Shares in Agnico Eagle Mines Limited (NYSE:AEM)

Independent Advisor Alliance purchased a new stake in Agnico Eagle Mines Limited (NYSE:AEM) (TSE:AEM) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 9,589 shares of the mining company’s stock, valued at approximately $772,000.

Several other institutional investors have also added to or reduced their stakes in AEM. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Agnico Eagle Mines by 16.1% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,892,898 shares of the mining company’s stock valued at $474,660,000 after purchasing an additional 817,240 shares during the period. TD Asset Management Inc boosted its stake in Agnico Eagle Mines by 10.3% in the 2nd quarter. TD Asset Management Inc now owns 5,852,648 shares of the mining company’s stock valued at $382,720,000 after purchasing an additional 546,542 shares during the period. Progeny 3 Inc. bought a new stake in Agnico Eagle Mines in the 2nd quarter valued at $18,151,000. Canada Pension Plan Investment Board lifted its position in shares of Agnico Eagle Mines by 14.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,966,837 shares of the mining company’s stock valued at $128,617,000 after acquiring an additional 252,300 shares during the period. Finally, CIBC Asset Management Inc lifted its position in shares of Agnico Eagle Mines by 4.1% during the 2nd quarter. CIBC Asset Management Inc now owns 6,083,606 shares of the mining company’s stock valued at $397,657,000 after acquiring an additional 237,347 shares during the period. 68.34% of the stock is currently owned by institutional investors.

Agnico Eagle Mines Price Performance

Shares of AEM stock opened at $83.54 on Thursday. The company has a quick ratio of 0.83, a current ratio of 1.75 and a debt-to-equity ratio of 0.06. Agnico Eagle Mines Limited has a twelve month low of $44.37 and a twelve month high of $89.00. The company has a market cap of $41.94 billion, a P/E ratio of 41.77, a P/E/G ratio of 0.70 and a beta of 1.09. The business has a fifty day simple moving average of $82.70 and a 200 day simple moving average of $76.30.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on AEM. Royal Bank of Canada upped their target price on Agnico Eagle Mines from $80.00 to $87.00 and gave the company an “outperform” rating in a research report on Tuesday, September 10th. Jefferies Financial Group upped their target price on Agnico Eagle Mines from $68.00 to $85.00 and gave the company a “hold” rating in a research report on Friday, October 4th. TD Securities upped their target price on Agnico Eagle Mines from $90.00 to $91.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Scotiabank upped their target price on Agnico Eagle Mines from $81.00 to $94.00 and gave the company a “sector outperform” rating in a research report on Monday, August 19th. Finally, UBS Group assumed coverage on Agnico Eagle Mines in a research report on Tuesday, September 17th. They set a “buy” rating and a $95.00 target price for the company. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $86.78.

About Agnico Eagle Mines

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.